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Regardless of whether you’re operating a small business out in the suburbs of Klemzig or Kurralta Park or running a larger operation in Adelaide’s city centre, there are many areas of risk which you may be open to. That’s where business insurance can come in handy, offering protection across a range of claimable circumstances relating to negligent business activity.
You can compare many different types of business insurance policies from industry-leading providers with Savvy. Simply fill out our online quote form, telling us a bit about you and your business, and you can enjoy a high-quality comparison between competitive offers available on the market. Start the process with us today with a no-obligation quote.
Business insurance is designed to offer coverage against a range of risks businesses may face. The events which can qualify for coverage under your policy will be outlined in your PDS and by your insurer. There are different types of insurance intended to cover different areas of risk which are available in Adelaide, including the following:
Public liability insurance
Public liability insurance can cover your business if a member of the public is injured or their property damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. Some insurers will enable you to choose your claim limit of between $5 million, $10 million or $20 million (though you may be able to negotiate a higher claim limit should you need it).
What it covers:
Product liability insurance
Product liability insurance can offer your business protection against claims that a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. In terms of its claim limits, this may follow the same lines as public liability of between $5 million and $20 million, depending on your business and whether it meets your insurer’s requirements.
What it covers:
Professional indemnity insurance
Professional indemnity insurance can offer cover against claims that the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. The claim limit you may be able to select can start at $250,000 and may go up to $10 million or more, depending on your insurer.
What it covers
General business insurance
General business insurance (sometimes called small business insurance) is an insurance package which may offer cover against risks facing your physical business premises and assets, among other areas. Some insurers will enable you to bundle policies such as public liability and professional indemnity into this package, with claim limits determined by the types of cover you purchase.
What it covers
Some of the additional coverage you can purchase as part of your general business insurance package can include:
Accident and sickness insurance
Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which prevents them from working and earning a living. This comes in the form of an ongoing benefit worth up to 85% of your salary (subject to your insurer’s qualification criteria), which you may be able to receive for a maximum of either one or two years. You’ll also have to choose a waiting period before your benefits can kick in, which you may be able to select between seven and 28 days.
What it covers
What isn’t covered by business insurance in Adelaide?
There are several general exclusions which may apply to business insurance policies. These include:
As outlined above, all coverage is subject to the qualification criteria set by your insurer and the terms and conditions of your insurance agreement. As such, it’s important to compare different PDS documents with Savvy so you can have a better grasp of what you can and can’t be covered for under different policies.
Some of the factors which can impact the cost of your business insurance premium include the following:
The nature of your business is perhaps the most important variable here, as insurers grade industries based on the level of risk they pose of having a claim made against them across different areas. For instance, a building company is likely to be graded a higher public liability risk than a small retail business, thus the former may pay more for its insurance.
The location and postcode of your business will also play a major part in determining the cost of your insurance, as not all suburbs are considered to be at the same risk of a claimable incident. Additionally, the cost of business insurance in the ACT may not be the same as that for an equivalent business in SA.
There are several elements you should compare with Savvy when you’re thinking about what insurance you need for your business, including the following:
Most businesses in Adelaide can benefit from at least one type of insurance for a range of reasons. The types of businesses which may need insurance include:
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
